Mortgage application activity trended higher during the week ending Aug. 7, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, increased 3.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased by an even 3%.
The seasonally adjusted Purchase Index rose by 3% from one week earlier while the unadjusted index was 2% higher – the latter was also 1% lower than the same week one year ago.
The Refinance Index increased 5% from the previous week, but it was also 22% lower than the same week one year ago. The refinance share of mortgage activity inched up to 40.7% of total applications from 39.9% the previous week. According to Joel Kan, CMB, MBA’s vice president and deputy chief economist, “As refinance incentives have dwindled with rates at current levels, the average loan size for refinance applications was down to its lowest level since July 2025.”
Among the federal programs, the FHA, VA, and USDA shares of total applications remained unchanged from the week before at 17.3%, 12.3%, and 0.5%, respectively.
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